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Can you summarize Assessing Compliance with BSA Regulatory Requirements > Purchase and Sale of Certain Monetary Instruments Recordkeeping (2021)?
Assessing Compliance with BSA Regulatory Requirements > Purchase and Sale of Certain Monetary Instruments Recordkeeping (2021)
Short Summary
This document outlines the regulatory requirements for banks regarding recordkeeping for the purchase and sale of certain monetary instruments. The purpose is to ensure compliance with the Bank Secrecy Act (BSA) regulations. Banks are required to maintain records of information for each issuance or sale of monetary instruments involving currency amounts between $3,000 and $10,000. The required information includes the purchaser’s name, date of purchase, types of instruments purchased, serial numbers of the instruments, and specific identifying information. If the purchaser has a deposit account with the bank, additional information such as the amount in dollars of each instrument purchased is required. Contemporaneous purchases and multiple purchases in a single business day must be treated as one purchase. Banks must retain the records of monetary instrument sales for five years and make them available to the Secretary of the Treasury upon request. The document also mentions the requirement to maintain records on indirect currency purchases of monetary instruments. Examiners should assess the adequacy of a bank’s internal controls and compliance with the recordkeeping requirements. Overall, the document provides guidance for banks to ensure proper recordkeeping and mitigate risks associated with illicit financial activities.
Whom does it apply to?
Banks
What does it govern?
Maintaining records relating to the purchase and sale of certain monetary instruments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
U.S. Federal Government